Welcome to our dedicated page for KONINKLIJKE PHILIPS N.V. news (Ticker: PHG), a resource for investors and traders seeking the latest updates and insights on KONINKLIJKE PHILIPS N.V. stock.
Koninklijke Philips N.V., commonly known as Philips, is a Dutch multinational conglomerate corporation founded in Eindhoven in 1891. With its headquarters in Amsterdam since 1997, Philips remains rooted in Eindhoven where its Benelux headquarters is located. Philips is a diversified global healthcare company that operates across three primary segments: diagnosis and treatment, connected care, and personal health.
The diagnosis and treatment segment, generating roughly 50% of Philips’ revenue, includes imaging systems, ultrasound equipment, image-guided therapy solutions, and healthcare informatics. The connected care segment, responsible for about 30% of revenue, focuses on monitoring and analytics systems for hospitals, along with devices for sleep and respiratory care. The personal health segment covers the remaining revenue, with products such as electric toothbrushes and men’s grooming and personal-care items.
Philips’ recent achievements highlight the company's ongoing commitment to innovation and partnerships. In April 2024, Philips announced a collaboration with actor Adam Scott for a campaign promoting the Philips Norelco shaving and grooming line, emphasizing personal growth and self-expression. Furthermore, Philips has reached key agreements with the US Department of Justice and the FDA regarding regulatory consent decrees to improve safety and quality in their Respironics operations.
In terms of financial health, Philips reported sales of EUR 18.2 billion in 2023 and employs about 69,700 people worldwide. The company continues to expand its influence with strategic projects such as a 10-year collaboration with Nicklaus Children’s Health System to enhance pediatric care through advanced diagnostic technologies.
Philips remains focused on leveraging AI in healthcare. In June 2024, Philips introduced a next-generation AI-enabled cardiovascular ultrasound platform to streamline cardiac ultrasound analysis. Furthermore, studies presented at the Heart Rhythm Annual Meeting in Boston demonstrated the clinical and economic benefits of Philips' AI-powered cardiac care solutions, underscoring the company's role in improving diagnosis and reducing healthcare costs.
Philips is dedicated to maintaining robust investment-grade credit ratings and has recently priced EUR 700 million in fixed-rate notes. The company continues to optimize its financial structure while innovating in health technology, ensuring sustained growth and value creation for its stakeholders.
On March 25, 2021, Royal Philips (NYSE: PHG) announced the sale of its Domestic Appliances business to Hillhouse Capital for an enterprise value of approximately EUR 3.7 billion. Philips expects to receive around EUR 3 billion in cash proceeds after tax and transaction costs. Additionally, a 15-year brand license agreement will yield an estimated net present value of EUR 0.7 billion, leading to a total deal value of approximately EUR 4.4 billion. This business will be listed as a discontinued operation in Philips' financial statements starting Q1 2021.
Royal Philips (NYSE: PHG) has announced its 2021 Annual General Meeting of Shareholders (AGM) to be held on May 6, 2021. Key agenda items include the reappointment of Mr. Marnix van Ginneken and the appointment of Mrs. Chua Sock Koong and Mrs. Indra Nooyi to the Board. Shareholders can vote and follow the meeting via webcast due to COVID-19 safety measures. The full agenda and the Annual Report 2020 are available on Philips’ website.
Royal Philips, American College of Cardiology (ACC), and MedAxiom have announced a collaboration aimed at improving cardiovascular care. This partnership seeks to enhance clinical outcomes and operational efficiency by integrating guidelines and actionable data across various healthcare stakeholders. Cardiovascular disease, a leading global health challenge, is expected to incur direct medical costs of $749 billion by 2035 in the U.S. The collaboration will utilize Philips' expertise and ACC's extensive resources to address these challenges and improve overall patient care.
On March 9, 2021, Royal Philips announced a partnership with openDoctor to enhance its Patient Management Solution by integrating real-time online appointment scheduling. This customized solution aims to minimize appointment no-shows, enhance scheduling convenience, and improve patient satisfaction. Philips' platform has shown significant efficiency improvements, including a 30% rise in referral conversions and a 45% reduction in no-shows. The collaboration seeks to modernize patient engagement processes, benefiting both healthcare providers and patients amidst rising interest in digital health solutions.
Philips Avent launched the Double Electric Breast Pump, Advanced, featuring innovative Natural Motion Technology that simulates a baby's suckling for quicker milk flow. The pump's compact design accommodates busy mothers, offering hands-free use with a rechargeable battery and travel bag for portability. It includes 8 stimulation and 16 expression levels, with a memory function for personalized settings. Priced at $269.99, it is available on Philips.com with widespread retail availability forthcoming.
Royal Philips (NYSE: PHG) has launched the AI-enabled Precise Suite on its Incisive CT platform to enhance CT workflows. This suite integrates features like AI-driven image reconstruction and automated patient positioning, aiming to improve image quality and operational efficiency. It addresses challenges faced by radiology departments, such as rising patient volumes and operational costs. The suite is designed to boost diagnostic confidence, reduce the need for re-scans, and streamline interventional procedures, making it a significant advancement in health technology.
Royal Philips (NYSE: PHG) has announced a significant partnership with AI software provider Lunit to integrate its INSIGHT CXR chest detection suite into Philips’ diagnostic X-ray suite. This collaboration aims to enhance workflows and patient care through AI-enabled solutions presented at the European Congress of Radiology (ECR) 2021. Additionally, Philips' Digital Radiography and Fluoroscopy system (CombiDiagnost R90) has received FDA 510(k) clearance, improving cost-effective utilization in imaging departments. This comprehensive strategy reinforces Philips’ commitment to precision diagnosis and AI integration in healthcare.
On March 3, 2021, Royal Philips (NYSE: PHG) and The Walt Disney Company EMEA announced a collaboration to enhance pediatric MRI experiences. They will pilot the Philips Ambient Experience in six European hospitals, integrating custom Disney animations to alleviate children's anxiety during procedures. This first-of-its-kind clinical research aims to improve patient experiences and operational efficiency in MRI scanning by utilizing Disney's storytelling to create a relaxing atmosphere. The pilot will begin in summer 2021 with results expected later this year.
Royal Philips (NYSE: PHG) has partnered with The Walt Disney Company to launch a groundbreaking clinical research pilot program aimed at enhancing children's experiences during MRI exams. This innovative study, commencing in six European hospitals, will utilize custom-made animated stories featuring beloved Disney characters to reduce anxiety and improve patient comfort. The Philips Ambient Experience solution integrates technology and design to create a soothing environment, empowering young patients during medical procedures. Results from the study are anticipated later in the year.
FAQ
What is the current stock price of KONINKLIJKE PHILIPS N.V. (PHG)?
What is the market cap of KONINKLIJKE PHILIPS N.V. (PHG)?
What are the core segments of Philips' business?
Where is Philips headquartered?
What recent partnership did Philips announce?
How much revenue did Philips generate in 2023?
What is Philips doing to improve patient care in pediatric health?
How is Philips leveraging AI in healthcare?
What steps has Philips taken to address regulatory issues with its Respironics business?
What financial actions has Philips taken recently?
How does Philips contribute to cost-effective cardiac care?
How many employees does Philips have?
